Correlation Between KNR Constructions and Agro Tech
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By analyzing existing cross correlation between KNR Constructions Limited and Agro Tech Foods, you can compare the effects of market volatilities on KNR Constructions and Agro Tech and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in KNR Constructions with a short position of Agro Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of KNR Constructions and Agro Tech.
Diversification Opportunities for KNR Constructions and Agro Tech
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between KNR and Agro is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding KNR Constructions Limited and Agro Tech Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agro Tech Foods and KNR Constructions is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on KNR Constructions Limited are associated (or correlated) with Agro Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agro Tech Foods has no effect on the direction of KNR Constructions i.e., KNR Constructions and Agro Tech go up and down completely randomly.
Pair Corralation between KNR Constructions and Agro Tech
Assuming the 90 days trading horizon KNR Constructions Limited is expected to generate 1.38 times more return on investment than Agro Tech. However, KNR Constructions is 1.38 times more volatile than Agro Tech Foods. It trades about 0.06 of its potential returns per unit of risk. Agro Tech Foods is currently generating about -0.01 per unit of risk. If you would invest 33,880 in KNR Constructions Limited on October 8, 2024 and sell it today you would earn a total of 755.00 from holding KNR Constructions Limited or generate 2.23% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
KNR Constructions Limited vs. Agro Tech Foods
Performance |
Timeline |
KNR Constructions |
Agro Tech Foods |
KNR Constructions and Agro Tech Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with KNR Constructions and Agro Tech
The main advantage of trading using opposite KNR Constructions and Agro Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KNR Constructions position performs unexpectedly, Agro Tech can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Agro Tech will offset losses from the drop in Agro Tech's long position.KNR Constructions vs. Kingfa Science Technology | KNR Constructions vs. Agro Phos India | KNR Constructions vs. Rico Auto Industries | KNR Constructions vs. GACM Technologies Limited |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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